Buying Conditions Improving in Vancouver Due to Greater Selection

Greater Vancouver home sellers were more activethan buyers
in January and overall home prices, according to the new MLS® Home Price Index (MLS®
HPI), continued to experience more stability and less fluctuation compared to
thebeginning of 2011.

The Real Estate Board of Greater Vancouver (REBGV) reports
that residential property sales in Greater Vancouver reached 1,577 on the
Multiple Listing Service® (MLS®) in January 2012. This represents a 4.9 per cent
decrease compared to the 1,658 sales recorded in December 2011, a decrease of
13.3 per cent compared to the 1,819 sales in January 2011 and an 18 per cent decline
from the 1,923 home sales in January 2010.

January sales in Greater Vancouver were the second lowest
January total in the region since 2002, though only 146 sales below the 10-year
average.

“We’re seeing trends emerge in our market that favour
buyers, such as increased selection and more stability in pricing compared to
this time last year,” Rosario Setticasi, REBGV president said. “Last month’s
activity tells us that competition amongst home buyers was reduced in January,
which means that individuals looking to purchase a home had more time to do
their homework, consult with their REALTOR®, and make a decision.”

New listings for detached, attached and apartment properties
in Greater Vancouver totalled 5,756 in January. This represents a 19.9 per cent
increase compared to the 4,801 new listings reported in January 2011, and a
253.3 per cent increase compared to the 1,629 new listings reported in December
2011.

Last month’s new listing count was the highest January total
in Greater Vancouver since 1995. The total number of properties currently
listed for sale on the Greater Vancouver MLS® is 12,544, a 12.5 per cent
increase compared to December 2011 and an increase of 20.2 per cent compared to
January 2011.

For updates and reports relating to more specific neighbourhoods contact Dean Wegman here.